The Euro is off of the day’s lows versus the US Dollar amid further signs that the region is pulling out of a recession that’s dominated sentiment since 2011. However, the upside in EURUSD has been limited in nature.

Rather, EURJPY has been the preferred vehicle today to express bullishness. Overall, the data fits neatly in with the idea of a broader Euro-Zone recovery, but it will do little to influence the Euro beyond today with the European Central Bank meeting looming on Thursday (see the link below).

The British Pound is a top perfomer today thanks to the strongest PMI Manufacturing reading in two and a half years. Similarly, the New Orders and Output subindexes rose by their sharpest rates since 1994; clearly a sign of a robust recovery setting in.

The British Pound has quickly gone from a bottom feeder in 2013 to the top performer since the start of the 3Q’13, and remains well-positioned to outperform on a fundamental basis against its European counterparts.

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